Trader MD

I started off the day reading through the morning headlines as usual and saw that Monsanto was upgraded with a higher target. Then the employment data came out and the futures dropped.

The Ag names gapped lower, pushed higher to make new near term or all time highs (depending on the name), and gyrated back lower. I saw similar action in almost all of the momentum related names.

After things settled down for a bit, I saw a decent entry in ANR (or at least I thought it was at the time). It looked like it was forming a Head & Shoulders pattern, so I took a stab at it and got stopped out almost immediately.

Here's the chart below. I forgot to mark my entry and exit points. I went short below 85.81. My stop was above the recent high of 86.53. Talk about getting chopped up.



After that failed trade, I basically sat on my hands and called it a day.

Did I mention coal stocks can be choppy?

If you had a tough day or a tough week, don't stress yourself out over it. I'm sure quite a few people did as the market looked like it was going to break down, then break out and then break down again. Just try and go back through & review your trades (good & bad).

Also be sure and get some rest as it looks like things are likely to be interesting next week.

Take care and have a good weekend.

Posted by Trader M.D. at 1:05 PM 3 comments

Labels: ANR, HeadNShoulders

Ended up with singles in each of the above names, before I was shaken out as the MBI/ABK downgrade news was released. In some cases it was good, in other cases they stabilized to run higher. Kind of hard to work on letting profits run when the market feels like it can reverse @ any minute... But maybe thats just my feelings about it right now?

I'll post the charts later tonight.

I may and take tomorrow off as I've had a very solid week. It depends on what the market looks like tomorrow morning.


*** Sorry no charts tonight. I spent the majority of the afternoon and evening taking care of errands as I'm preparing to move later this month. A lot of my free time this week has been spent towards prepping for the move.

I'll try and post the charts tomorrow or sometime this weekend.


** Updated***

Here are the charts (4 decently managed trades and 1 bad one in CLF):











Again nothing special, just hitting a few singles.

Posted by Trader M.D. at 1:52 PM 4 comments

Labels: AKS, CLF, MTL, SOLF, STP

Nothing too special. By the time the market settled down after the early gyrations and EIA/oil data, I found a setup I liked in ENER, but then the MBIA headlines came out shortly afterwards and it was only a matter of time before the market wanted to sell off a bit.

Here's the chart of ENER:



I also had a few late day trades/scalps in MON / AGU as they broke down with the market.

Overall, a decent but quiet day here. It felt like a lot of the move higher was a short squeeze type action. To me it seemed like it was on lower volume, and basically went straight up (i.e. no bases formed along the way) on anything I looked for an entry on.

Posted by Trader M.D. at 3:06 PM 0 comments

Labels: Coil, ENER, Triangle

POT & AGU were on the HCPG newsletter last night and Jamie highlighted GRMN.

I didn't end up doing much during the market gyrations today as I was distracted. I finally picked out a TV last week and it was delivered today.

Wow, sorry about taking so long to post the charts. I ended up having to take care of more than I planned.

Here are the trades, hopefully the annotations & explanations make up for the delays.

Pay special attention to the GRMN chart as I've highlighted my adaptation of HCPGs Base & Break setup. You can read more about their system (with out having to subscribe) by checking out their "Best of Blog feature." I highly recommend it. It's has more useful information than a lot of books out there.

Anyways, the charts.

GRMN:


POT:


AGU:


Feel free to leave any feedback / questions for the setup I've highlighted.

Posted by Trader M.D. at 1:01 PM 2 comments

Labels: AGU, BasenBreak, GRMN, HCPG, POT

Only had 2 trades today. I'm a bit distracted, taking care of errands and won't be able to devote my full attention to the screens today, so I'm calling it a day early.

Here are the 2 trades.

LDK:



AGU was mentioned in the HCPG Newsletter last night.

Posted by Trader M.D. at 10:19 AM 0 comments

Labels: AGU, BasenBreak, HCPG, LDK, Triangle